Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results.
The Dow Jones Industrial Average dropped 150 points, or 0.5%, while the S&P 500 slid 0.4%. The Nasdaq Composite lagged, falling 0.6%.
Netflix shares plunged more than 11% after the streaming giant reported a surprise loss in U.S. subscribers coupled with slower-than-expected international membership growth. Those metrics -- which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter.
IBM shares, meanwhile, briefly fell at the open before recovering after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT division offset growth in its cloud business.
Morgan Stanley posted better-than-expected quarterly results, driven by its wealth management and fund divisions. The stock rose 0.5%.